Statement of Issues released for the merger of NPD and Gull
The Commission has published a statement of issues relating to an application from Astra Energy Group Limited seeking clearance to acquire all of the shares in GNZ Holdco Limited (including its subsidiaries, Gull) and all of the shares in NPD Group Investments Limited (including its subsidiaries).
The Statement of Issues outlines the Commission’s potential competition issues with the acquisition following its initial investigation. The Statement of Issues is not a final decision and does not mean that the Commission intends to decline or clear the merger.
The Commission is seeking submissions from Astra Energy, Gull, NPD and other interested parties on the issues raised in the Statement of Issues. The Statement of Issues can be found on the case register on our website.
Submissions can be sent by email to registrar@comcom.govt.nz with the reference “NPD/Gull” in the subject line.
Submissions are due by close of business on 2 April 2026, with cross-submissions due by close of business on 15 April 2026.
The Commission was scheduled to make a decision on the application by 16 March 2026, however an extension of time has been agreed between the Commission and Astra Energy. The new decision date is 28 May 2026. However, this date may be extended with the agreement of the applicant if the material before the Commission at that time does not allow it to be satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market in New Zealand.
Background
We will only give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
Further information explaining how the Commission assesses a merger application is available on our website.